OPEN ENROLLMENT FOR MEDICAL AND FLEXIBLE SPENDING ACCOUNTS
The Open Enrollment period will begin October 1, 2013 and end on October 31, 2013. All changes made during Open Enrollment are effective January 1, 2014. Open Enrollment is an opportunity to add eligible dependents, change coverage levels, and enroll in a different medical or dental plan.
Pursuant to Chapter 78, P.L. 2011, employees are currently subject to a four-year phase-in of contribution rates, and pay the “Year Three” contribution level. “Year Three” contribution rates apply for the period of July 1, 2013 through June 30, 2014. “Year Four” contribution rates will apply for the period of July 1, 2014 through June 30, 2015.
Unreimbursed Medical and/or Dependent Care Flexible Spending Accounts (FSA) allow employee to set aside money to pay for out-of-pocket medical, dental, and dependent care expenses while saving on taxes because the money contributed to the account is free from federal income, Social Security, and Medicare taxes and remains tax-free when an employee receives it. WageWorks, Inc., formally known as the Fringe Benefits Management Company (FBMC), administers the Flexible Spending Accounts.
Some of the benefits of FSA participation include:
• $2,500 Medical FSA Maximum and $5,000 Dependent Care FSA Maximum.
• Medical FSA eligibility includes adult children until age 26, regardless of the child’s marital or student status.
• Grace Period Extension for eligible expenses and extended claim filing period. Employees enrolled in the Unreimbursed Medical or Dependent Care FSAs have until March 15th of the following year to incur eligible expenses for the current plan year, and April 30th to submit claims.
• Unreimbursed Medical FSA features the WageWorks Healthcare Card. Employees can use the WageWorks Healthcare Card for qualifying expenses, such as covered prescription copayments, health plan deductibles, orthodontics, doctor and emergency room copayments, eyeglasses, Lasik surgery, and uncovered dentist or other provider fees. The WageWorks Healthcare Card can also be used for certain eligible over-the-counter items.
Prior participation in a Flexible Spending Unreimbursed Medical and/or Dependent Care Account in 2013 does not carry over automatically into 2014. You must re-enroll in the plan. There are three ways to enroll in an Unreimbursed Medical and/or Dependent Care Flexible Spending Account:
• Internet: www.wageworks.com the deadline for enrollment over the Internet is midnight, October 31, 2013.
• Fax: 1-866-672-4780, the deadline for accepting faxed FSA enrollment forms is midnight, October 31, 2013.
• Mail: FSA Enrollment Forms can be mailed to WageWorks, Enrollment Processing, PO Box 1840, Tallahassee, FL. 32302-1840. Enrollment forms must be postmarked no later than October 31, 2013. Forms postmarked after October 31, 2013 will be returned without action.
For additional information or enrollment forms, please contact HR-Benefits:
Patricia Lawrence, (973) 596-3143 email@example.com
Annie Walker, (973) 642-4937 firstname.lastname@example.org
Marlene Waltz, (973) 596-3144 email@example.com